Increasing financial challenges faced by students

Debbie Clarke

Students in Scotland are resorting to desperate measures to pay for university, according to a new report.

Specialist student lender Future Finance has revealed the findings which show the increasing financial challenges faced by students.

The report found: 19 per cent have money outstanding to a payday lender of which a staggering 100 per cent admitted to incurring late charges, with 42 per cent admitting to always incurring such charges.

23 per cent of students have admitted to gambling to supplement their finances. Eight per cent have taken part in paid clinical trials, 64 per cent of students have a part-time job, but 13 per cent of these feel their education is suffering as a result of the additional work.

47 per cent would turn to their parents first for financial support, while only nine per cent of students felt they could rely on their university for support.

59 per cent of students said they are worried about their finances all or most of the time and 27 per cent agree the costs of living and tuition make them worry that they will not be able to afford to finish their studies.

The latest biannual survey of 1000 UK students by Future Finance has shown that a significant number are still resorting to risky and expensive ways of supplementing their finances.

Brian Norton, chief executive of Future Finance, said: “The latest results of this survey make it plain that the growing gap between the costs of education and available financing sources is still leading students to make bad choices, or in some cases, could simply exclude them from furthering their education altogether.”